Your credit affects almost all of your financial decisions and what you can get qualified for. Creditors will review your credit history to determine how much interest you’re going to pay, the longevity of the loan. Reviewing your credit is essential to determining what your financial standing is. For many people who struggled with their credit early on, there are resources available that are designed to improve and repair your credit.
First let’s take a look at some of the basic tips our experts agree on that are essential to improving and keeping a good credit score:
- Paying your bills on time
- Reviewing your credit yearly to ensure there isn’t any surprises you may not know about
- Keeping a low balance (roughly half or less than the total credit line)
- Do not run credit checks often, each inquiry is tracked
- Keeping a financial planner or using financial experts to track your debts and payments
Another common misconception is that having some debt is bad. While it is always good to pay off your debts, using your credit card and paying it off on time will show a consistent reputable history to your creditors. It’s best to set up automatic payments from your bank to ensure minimum payments are least made.
What resources are out there for people with bad credit or no credit?
The struggle of having bad credit can be a vicious cycle. As people struggle to pay off their bills, they begin to use their credit card more and thus accrue more debt. The good news is, there are options and companies out there designed to help people repair their credit and consolidate their debt into lower payments. We partnered up with a credit repair expert that has helped thousands repair their credit and improve their overall financial standing. Contact us at Repair@Rent2Own-Listings.com and we’ll set you up with a credit repair specialist who will review your case.